Commodities
Oil Prices Soar as US Stocks Plunge Amid Fed Inflation Concerns
Oil prices surged on Wednesday as Brent crude leaped 7.3% to settle above $88 per barrel, amidst rising tensions in the Middle East.
The increase in oil prices was mirrored by a decline in US stocks, with the S&P 500 falling 1.5%, the Dow Jones Industrial Average pulling back 2.2%, and the Nasdaq composite losing 1.7%.
Recent AI winners such as Nvidia, Micron Technology, and AMD also weighed on the stock market, contributing to the decline in technology stocks.